Category: 1099's

1099-B: Proceeds from Broker and Barter Transactions

Capital gains and losses occur when a taxpayer sells a capital asset such as stocks, bonds, or the sale of you main home. If you received a Form 1099-B from a broker or barter transaction, this is generally reported on a Schedule D as a capital gain or loss.

*At this time Taxslayer does not have the option to import your transactions into the program. If you have multiple transactions you will need to enter each one separately in the Taxslayer program. You may report multiple transactions as one transaction if they are from the same company and the transactions must all be either long term or short term. If they have these commonalities you may choose the latest dates and be sure to report the cost and sale price accurately. Please ensure too keep all records for the IRS regarding these transactions in case the IRS request these documents.

See the table listed below to determine how to report your 1099-B items in the program

1099-B Line Numbers

How to report

Box 1A

Description of Property- A brief description of the item or service for which the amounts are being reported (Apple Stock, Shares of Google stock)

Box 1B

Date Acquired- Date the item was purchased

Box 1C

Date Sold- Shows the date of sale or exchange

Box 1D

Sales Price- The cash proceeds reduced by any commissions or transfer taxes related to the sale

Box 1E

Cost- The cost or other basis in the securities (original price)

Box 1G

Adjustments- Amount of nondeductible loss in a wash sale transaction or the amount of accrued market discount.

Box 3

Cost Basis Type- If checked the cost in Box 1E has been reported.

Box 4

Federal Tax Withheld- shows backup withholding and must be reported in the program under other Federal withholdings. Federal Section>>Payments and Estimated>>Other Federal Withholdings.

Box 16

State Tax Withheld- Shows state withholdings and must be reported in the program under other state withholdings. Federal Section>>Payments